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OWNER OCCUPIED: A building or residence (especially a house) that is occupied or lived in by those who have legal ownership. The direct contrast to owner occupied is a rental unit. This term tends to surface most often in the study of economics when calculating Gross Domestic Product (GDP). In particular, the estimated rent on owner-occupied housing is calculated by the folks at the Bureau of Economic Analysis and included in value of GDP.

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POINT ELASTICITY

The relative responsiveness of a change in one variable (call it B) to an infinitesimally small change in another variable (call it A). The notion of point elasticity typically comes into play when discussing the elasticity at a specific point on a curve.

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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either a New York Yankees baseball cap or a solid oak entertainment center. Be on the lookout for letters from the Internal Revenue Service.
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Ragnar Frisch and Jan Tinbergen were the 1st Nobel Prize winners in Economics in 1969.
"Far and away the best prize that life has to offer is the chance to work hard at work worth doing."

-- Theodore Roosevelt, 26th US president

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